President Donald Trump criticized ExxonMobil and Chevron in August for making 'too much money based on a shortage' as profits surged after the U.S.-Israeli war with Iran. Results published this week show oil majors continuing to benefit from tight fuel supplies and high refining margins. Shell, BP, TotalEnergies and Exxon reported sharply higher refined-products margins, while Chevron's downstream earnings more than quadrupled from a year earlier to $4.9 billion. Supply is tight due to Ukrainian drone strikes on Russian refineries, Middle East disruptions linked to the Iran war and Houthi attacks on Saudi Arabia, and refinery closures in Europe and North America, with around a quarter of EU refineries shut over the past two decades. Analysts say measures such as emergency diesel releases and a U.S. deal with Russia to supply more diesel may have only a limited impact unless supply rises materially, demand weakens or global tensions ease.
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Original headline: Trump called out Big Oil profits. Here’s how much their refining earnings have surged since
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oil pricesoil refiningDonald TrumpChevronExxonMobil
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